Corn Futures Market News and Commentary
Tuesday action in the corn market kept prices firm to higher until midday. The afternoon was spent exploring the red, before a light bounce into the close. At the settle the board was 2 to 3 1/2 cents in the red. March printed a 10 cent range for the day.
This morning, Census showed 2.077 MMT (82 mbu) of corn was exported during October. That was down 22 mbu from September and down 48.7% yr/yr. It was, however, 129,000 MT larger than weekly Inspections. The season’s total through the first 2 months was 185.32 mbu. Census also had 83.77m gallons of ethanol exports for October, which is 21% below last year.
Going into Friday’s USDA reports, the trade is looking for a U.S. corn carryout of between 1.170 and 1.350 bbu. Those surveyed were leaning toward a 56 mbu vs. from the November WASDE. Traders have the Brazilian corn crop 300k MT higher on average, from 125 to 130 MMT compared to the WASDE’s standing 126 MMT figure. Argentina is anticipated to be 1.2 MMT lighter on a... Read more